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Copart Inc (CPRT), established in 1982, has become a pivotal player in the online vehicle remarketing industry. Headquartered in Dallas, Texas, the company provides a robust platform for connecting buyers and sellers of used and salvage vehicles worldwide. Utilizing its cutting-edge VB3 technology, Copart facilitates seamless online auctions, making it easier for insurance companies, banks, finance firms, fleet owners, and car dealerships to sell vehicles. The company also serves individual sellers and buyers, including dismantlers, rebuilders, exporters, and end users.
Copart's operations span across multiple countries including the United States, Canada, the United Kingdom, Brazil, Germany, the United Arab Emirates, and Spain. Each day, the company lists nearly 100,000 vehicles such as early and late model cars, classic cars, trucks, SUVs, motorcycles, boats, jetskis, snowmobiles, and RVs. The conditions of these vehicles range from slightly damaged to total loss, often sourced from auto insurance companies.
With more than 750,000 registered members in over 150 countries, Copart handles approximately 3.5 million transactions annually. The company's VB3 platform provides a seamless user experience for its diverse customer base. Copart operates primarily on a consignment basis, earning fees based on the final selling price of the vehicles.
In addition to its core auction services, Copart offers a range of auxiliary services including vehicle transportation, secure storage, title transfer, and salvage value estimation. These services add significant value for both sellers and buyers, ensuring a smooth and efficient transaction process.
Recent achievements and expansions have further solidified Copart's position in the market. The company's extensive inventory, innovative technology, and international reach continue to attract a broad spectrum of customers. As Copart evolves, it remains committed to providing exceptional service and maintaining its status as a leader in the vehicle remarketing industry.
Copart, Inc. (NASDAQ: CPRT) reported its financial results for the quarter ended January 31, 2023. Revenue reached $956.7 million, a 10.3% increase year-over-year, while gross profit rose to $426.5 million, up 5.7%. Net income also saw a slight rise of 2.2%, totaling $293.7 million. For the six months ended January 31, 2023, revenue was $1,850.1 million, with a 10.3% year-over-year increase, although net income decreased by 1.5% to $539.5 million. Fully diluted earnings per share were $0.61 for the quarter, a 1.7% increase, while for six months, it decreased by 1.8% to $1.12.
Copart, Inc. (NASDAQ: CPRT) will release its second-quarter earnings for fiscal 2023 on February 20, 2023, after 4:00 p.m. ET. A conference call to discuss these results is scheduled for February 21, 2023, at 11:00 a.m. ET. The call will be available via webcast on their investor relations website. Founded in 1982, Copart is a global leader in online vehicle auctions, serving over 750,000 members across 190 countries, with over 250,000 vehicles listed daily. The company operates in over 200 locations worldwide, including the U.S., Canada, and several European and Middle Eastern countries.
Copart, Inc. (NASDAQ: CPRT) has announced the appointment of Leah Stearns as Chief Financial Officer and Paul Kirkpatrick as Chief Legal Officer, effective December 5, 2022. Stearns, a seasoned executive with experience at CBRE and American Tower, will oversee the finance and accounting departments. Kirkpatrick, formerly at BayoTech Hydrogen and Omnitracs, will manage legal affairs, succeeding Gregory DePasquale, who retires after 25 years. Copart, a leader in online vehicle auctions, continues its growth trajectory with these strategic hires.
Copart, Inc. (NASDAQ: CPRT) reported Q4 financial results, revealing revenue of $893.4 million, a 10.3% increase year-over-year. However, gross profit decreased by 4.0% to $369.5 million, along with net income falling 5.6% to $245.8 million. Fully diluted earnings per share dropped to $0.51 from $0.54 last year. The hurricane impact in September resulted in $25 million of additional costs. Non-GAAP earnings per share saw a decrease of 3.8%. A conference call is scheduled for November 17, 2022, to discuss these results.
Copart, Inc. (NASDAQ: CPRT) has released its inaugural Fiscal Year 2022 Environmental, Social, and Governance (ESG) report titled "Leading with Sustainable Growth." The report outlines Copart's commitment to sustainability, showcasing efforts in the circular economy through vehicle recycling, promoting diversity within its workforce, and providing disaster relief services. Key contributions include facilitating mobility and economic advancement, alongside investments in sustainable energy. Co-CEO Jeff Liaw highlighted Copart's dedication to environmental stewardship and governance principles established over its 40-year history.
Copart, Inc. (NASDAQ: CPRT) will release its earnings for Q1 fiscal 2023 after market close on
The Editorial Advisory and Securities Review Committee of BetterInvesting Magazine has designated Copart Inc (CPRT) as the "Stock to Study" and Charter Communications Inc (CHTR) as the "Undervalued Stock" in the December 2022 issue. Noting the significant downturn in equity indexes in 2022, the committee emphasizes opportunities for investors to acquire stocks at discounted prices. BetterInvesting encourages investors to utilize its online tools for stock analysis. The committee's selections serve an educational purpose and are not endorsements for purchase.
Copart, Inc. (NASDAQ: CPRT) reported strong financial results for the quarter and year ended July 31, 2022. Quarterly revenue reached $883.4 million, up 18.0% year-over-year, with gross profit at $381.6 million (+6.7%) and net income at $263.7 million (+3.0%). Fully diluted EPS increased to $1.10, a rise of 3.8%. For the fiscal year, revenue was $3.5 billion (+30.0%), gross profit $1.6 billion (+19.6%), and net income $1.1 billion (+16.4%). Non-GAAP EPS for the year improved to $4.46, up 20.5%.
Copart, Inc. (NASDAQ: CPRT) will release its fourth quarter fiscal 2022 earnings after market close on September 7, 2022. A conference call to discuss the results is scheduled for September 8, 2022, at 11:00 a.m. ET, available via webcast. The company, a leader in online vehicle auctions, operates in over 170 countries and has more than 250,000 vehicles available online daily. Investors can access the earnings call replay until November 2022.
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